The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Microsoft Corp approached Pinterest Inc in recent months about a potential deal to acquire the $51 billion social media company, the Financial Times reported on Wednesday, citing people briefed on the matter.
The negotiations were currently not active, according to the report.
A general shift to virtual interactions leading to increased engagement on social media platforms benefited Pinterest as well, with its monthly active users jumping 37 percent to 459 million in the fourth quarter.
The company said it added a record 100 million monthly active users in 2020.
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Pinterest’s shares have risen over seven times from its pandemic-low in March last year. Pinterest had previously signalled it wants to remain an independent company, the FT said.
The social media company generates revenue by placing advertisements next to the Pins, or posts, uploaded on the site by users.
A deal between the two companies would also have tested the Biden administration’s appetite for allowing powerful technology companies to strike deals, according to the FT.
Both companies did not respond to Reuters’ requests for comment.
Reporting by Vishal Vivek and Shubham Kalia in Bengaluru; Editing by Krishna Chandra Eluri.
The algorithms TikTok relies on for its operations are deemed core to ByteDance overall operations, which would make a sale of the app with algorithms highly unlikely.
The app, owned by TikTok parent company ByteDance, has been promising to help emerging US labels get started selling in China at the same time that TikTok stares down a ban by the US for its ties to China.
Zero10 offers digital solutions through AR mirrors, leveraged in-store and in window displays, to brands like Tommy Hilfiger and Coach. Co-founder and CEO George Yashin discusses the latest advancements in AR and how fashion companies can leverage the technology to boost consumer experiences via retail touchpoints and brand experiences.
Four years ago, when the Trump administration threatened to ban TikTok in the US, its Chinese parent company ByteDance Ltd. worked out a preliminary deal to sell the short video app’s business. Not this time.